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I’m guessing that is mostly 401k savings, not liquid savings, which essentially can’t be touched until 60.
by madengr 7y ago
I’m guessing that is mostly 401k savings, not liquid savings, which essentially can’t be touched until 60.
- tempsy 7y agoThe survey says this is based on savings in bank accounts not a 401k Either way there’s nothing preventing you from “touching” 401k savings. You pay a 10% penalty.
- madengr 7y agoHa ha, there’s no way in hell I believe those numbers. This says it’s no more than $5k on average, at best. More like $2,500. https://www.cnbc.com/amp/2019/03/11/how-much-money-americans-have-in-their-savings-accounts-at-every-age.html https://www.cnbc.com/amp/2019/03/11/how-much-money-americans...
- tempsy 7y agoAverages are a bad way to look at it. There are fat tails on both sides.